As Donald Trump was ushered in as the President of the U.S. I fielded quite a few questions from friends who know I’m a U.S. ex-pat as to whether I thought it was time to re-enter the U.S. markets. My answer was a flat no. Why? Because there is little chance corporate tax reform will pass through a divided Republican establishment much less a divided house and senate. America, you’re screwed.

It is more than apparent that wealth — capital — in the U.S. will continue to erode as growth is lower than the rise in the U.S. population that depends on government for survival. While many investors such as myself earn income from end market U.S. sales, we are not directly bound to the U.S. market in terms of taxation. It’s the end customer in the U.S. who is carrying the tax burden.